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Topic: How to Survive the Global Chaos of 2016 (Read 2631 times)

With a lot of major newsletters projecting a major market crash worse that 2008/09 in 2016 due to China economic growth slowdown, Euro Econo-immigrant Invasion, Euro PIIGS crashing, Oil crashing to below $35 USD per barrel indicating both lack of demand and a global carbon neutral alt energy growth long term, exploding 3rd world populations, Radical Islam spreading Sharia ideology worldwide and 7 years of liberal Social Justice Warrior "Gimmedat" Afro-Obamo economics with 45 Million Americans on food stamps, rampant opiods and heroin addiction in both the supplier and consumption societies and a stark election of more of the same liberal decline or a possible rebuilding of the USA... rumors of Cyprus like Bank Levies promoted by the IMF to pay off the G20 Nation's Debts... This is some interesting information from Nomad Capitalist:

Still the easiest place in the world to open a bank accountby Andrew Henderson | Flags

The easiest country to open a bank account offshoreGeorgia could be “the next America”, but it’s definitely one of the easiest places in the world to bankDateline: Tbilisi, Georgia

I spent much of the flight from Kuala Lumpur to Istanbul reading a personal development a friend recommended to me. While I’m typically rather impatient when it comes to long tomes, I found this one fascinating.

The kind of book that you immediately want to recommend to everyone you know. That’s how powerful it was.

And for quite some time now, I’ve been talking about the same effect for planting flags in Georgia. I’ve apparently even gotten a reputation for being “the Georgia guy”; a friend of mine who is moving here told his friends, only to be told “you must follow that Andrew Henderson guy”.

I won’t re-hash how Georgia has quickly become highly capitalist and one of the most free economies in the world. Or how it’s one of my best countries in the world for business.

Nor will I re-hash how I went from not buying real estate here, to buying a property of my own, which is currently under construction.

Today, I want to talk about banking in Georgia.

While offshore banking around the world – from the Caribbean to Asia – has become more and more difficult, especially for US persons, Georgia is hands down the easiest place in the world to open a bank account today.

How easy is it to open an offshore bank account?

A lot of offshore banks around the world are facing big challenges right now. As high-tax jurisdictions continue their rampage against capital flight, countries like Belize have seen their international banking hubs severely impacted.

One bank there has already gone under.

It’s not that the banks themselves are always a problem – although some are – but that they are being tax havens in the backyard of the United States.

Occasionally, one of the less than professional bankers on some island allows a suspected terrorist to open an account there, and all hell breaks loose.

Meanwhile, jurisdictions like Hong Kong are burying many foreign depositors in paperwork as they strive to join the tax lovers at the OECD, and most banks have increased their standards. (My clients and I use one bank that is still easy to deal with, but it’s a small bank and hard to get in without an introduction.)

A jurisdiction like Georgia hasn’t seen such problems precisely because it’s not a tax haven, nor is it a large offshore financial center. It’s not even on the radar of the vast majority of people.

So, what is the easiest way to open an offshore bank account here?

Why Georgia is a “new safe haven”

Several of my in-the-know clients have told me they agree with my position on Georgia. I know several wealthy individual who bank here and get top-notch service by depositing as little as $50,000.Service here reminds them of the “good old days” of private banking in countries like Hong Kong, where banks like href=”http://nomadcapitalist.com/2015/05/22/banking-with-hsbc-premier/”>HSBC have become impossible to deal with.

In fact, as I mention in my book The Best Offshore Banks, it’s possible to open a bank account in Georgia with as little as $7 (actually, $8.38 at today’s exchange rates).

The process at my favorite banks takes as little as ten minutes. If you’re a US citizen or have US indicia, you’ll be asked to fill out a few forms for the IRS, but that’s about it.

You don’t need piles of paperwork or anything like that. You basically just show up with the cash in your wallet, make a minimal deposit, and get started.

Once you’re in the door with a particular bank, opening additional bank accounts is quite easy. Georgian banks don’t offer remote account opening, but service once you’ve opened at least one account is good, and you can handle most account functions from home after you get set up.

In fact, online banking for the Georgian banks I deal with is refreshingly simple. Almost stupidly simple. For as much as I love banking in Singapore, banks there sure do give you a lot of codes, PINs, and access numbers to remember.

In Georgia, it’s simple. You can move money between Georgian lari, US dollars, and Euros in a single click. Exchange rate spreads at the bank are extremely small; if you’re making a really large deposit, you can get one-way spreads as little as 0.13% on the street.

That means it costs $1.30 to change $1,000 from USD to GEL. Dirt cheap.

How to open a bank account in Georgia

As I explain in The Best Offshore Banks, you don’t need a lot to get started banking in Georgia. Far and away the biggest challenge will be flying to Georgia to appear in person.

Once you’re there, the process is easy. There are so many banks here, and it’s the country’s business-friendly laws rather than one banks’ specific policy that makes the account opening process so easy.

That said, there are some banks I’d suggest avoiding. I have a friend who is on the board of directors of a mid-sized bank, and he told me that he’d feel comfortable depositing up to $10 million in his favorite two banks.

In the smaller banks, he would be more careful, avoiding a few banks entirely. He and I are both fully confident in the best banks to manage our cash wisely; you just need to do your homework and choose the best bank for you.

In addition to ease of opening, Georgia banks offer both ATM and debit Visa Electron cards that can be used anywhere in the world Visa is accepted. It’s also a great tool to have for booking travel online in Europe, as Electron cards incur lower transaction fees from cheap airlines.

While bank fees here are rather low, interest rates are quite high. We’ve discussed how 5% interest rates on short-term US dollar term deposits aren’t out of the norm, and if you’re willing to bet on the Georgian lari, you can earn even higher yields. (Be aware that the currency has dropped 25% since I was here last December.)

Opening an offshore bank account is an easy way to diversify your finances, and if you’re willing to get on a plane, I’d strongly consider Georgia for its ease of account opening and maintenance.

I might even be so bold to say that it’s the best place to go right now if you’re looking to deposit a mid-sized sum.

Banking, however, is just one of several flags I am planting in Georgia and recommend to you. Due to increased interest in bank accounts, companies, real estate, and investments in Georgia, I’m considering hosting a small mastermind event here next Spring to help clients who are interested in taking advantage of what I believe could be “the next America” or “next Singapore”.

If you’d be interested in working with me to plant flags and look at investments here in a small group setting, send me a message and let me know.

Nomad Capitalist helps successful people reduce their tax bill, earn higher investment returns, and become global citizens using strategies like offshore banking, second passports, and offshore companies. If you're a successful entrepreneur or investor, click the green button below to get our free Strategy Session and learn for free how to do these things.

Why 8 out of 10 people are wrong about investing in Puerto Ricoby Andrew Henderson | Investing

Is the hype around Puerto Rico investments justified?Dateline: Warsaw, Poland

10 years ago Oprah invited her viewers to take off their shirts and examine their bodies.

It turned out that more than 8 in 10 women were wearing the wrong bra size.You might be wondering what bra sizes and Oprah have anything to do with Nomad Capitalist and the topics that we cover.

Well, I’ll tell you.

I have also found that about 8 in 10 of people who are interested in offshore strategies misdiagnose the solution to their needs.

Every day I emails from people trying to get passports in parts of the world that they wouldn’t stand a chance of getting into, but are sure that their pre-determined countries are the best and only option for them. While I recommend Paraguay as an excellent option for a second residency, that advice only applies to some people. If you’re coming from South Asia, the Middle East or Africa, it’ll be much better for you look at a European country.

Another inquiry that I often get, due to experts on the web and in the mainstream media promoting it, is investments in Puerto Rico over more favorable offshore locations.

Even with Puerto Rico economic struggles and the fact that it’s a US territory, many people are still interested in investing in the debt-ridden commonwealth due to specific tax savings for living and investing there.Puerto Rico’s Acts 20 and 22

Under two tax laws enacted in 2008, known as “Acts 20 and 22”, there are minimal to zero taxes on interest, dividends and capital gains in Puerto Rico for mainland US citizens and even emigrants to the US who grew up in Puerto Rico. Additionally, Act 22 offers a low, flat 4% corporate tax rate. To be able to qualify for these laws, you have to live in Puerto Rico at least 183 days out of one year.

The world took notice of these incentives when hedge fund billionaire John Paulson began investing in the island and dubbed it the “Singapore of the Caribbean”.

By the end of 2015, he will have invested $1.5 billion into real estate investments in Puerto Rico. In fact, hedge funds now own half of Puerto Rico’s $70 billion debt.

My own colleague, Peter Schiff, has taken the steps to move his own financial companies in Puerto Rico.If you have your own multi-billion dollar hedge fund, Puerto Rico might be a good option (although I still think it’s worth looking at other options), but for most other purposes it won’t be.

Is Puerto Rico a good option for you?

Firstly, as I’ve pointed out before, it’s important to note that moving to Puerto Rico really isn’t an offshore strategy.

Rather than an alternative to sovereign nations like the Dominican Republic, Panama or Nicaragua, investing in Puerto Rico is more akin to incorporating in low tax states like Delaware, Wyoming or Nevada. While moving to one of those places might be relatively beneficial to your business as compared with tax heavy New York or California, you’re still not escaping the laws of the federal government.

The United States still governs Puerto Rico, and while the rules in the territory are favorable to businesses today, they can be changed at any point.

In fact the US government already has a history of going back on business incentives on the island.Up until the 1990s, US companies had the ability to operate in Puerto Rico tax-free, when those initiatives were costing the US Treasury billions of dollars in taxes, Congress overwhelmingly repealed the legislation that made Puerto Rico’s tax status possible (ultimately leading to an economic crash). Democrat Charles Schumer and Republican Charles Grassley have already advocated ending Act 22 and the IRS has intensified investigations of American citizens who have relocated to Puerto Rico.

It hardly seems like the place to go for someone looking to avoid the reach of the US government.In an analogous situation, the British government overthrew the government of Turks and Caicos, one of its overseas territories, in 2009 and added an 11% value added tax. In a sovereign country you won’t have to deal with this.

Finally, as these tax benefits are only open to US residents, Puerto Rican locals are getting the shaft (in fact their capital gains taxes are being raised). Even if Washington doesn’t end these benefits, expect the locals to get fed up sooner than later and vote in a party that will make a change.

Ultimately, and what’s most important, is that these tax breaks were never part of a sustainable long term growth plan like ones that countries like Singapore and Hong Kong have implemented, but rather a way to attract capital when the territory was in a financially desperate situation. Because of this, Puerto Rico should not be viewed as a long term, sustainable solution.

91% Tax on Wal-Mart

The most recent news to come out showing that Puerto Rico is a questionable option for business owners is that Wal-Mart, the island’s top private employer, is now suing the government of Puerto Rico over an increase in their import taxes (more than doubling the import fee for companies grossing over, which is a pretty narrow definition).

With this increase, 91% of Wal-Mart’s Puerto Rico profits will now be taken away, making it unprofitable to continue serving the island. The law was solely aimed at businesses earning over $2.75 billion a year, making it clear that they were targeting a very small category of businesses which Wal-Mart fit into.

For a place struggling with unemployment, targeting and almost driving out the largest employer in the territory smacks of desperation.

A desperate territory that’s part of a desperate country is not the best place to do business.

While Puerto Rico may make sense for the John Paulsons of the world, it really is a questionable option for anyone else. In fact, I’d say more than eight out of ten who want to relocate there would be doing so for the wrong reasons.

Moving your business and investments to an offshore location is something that pretty much everyone SHOULD do, but to move to the correct place for your needs, it’s best to enlist the help of experienced professionals.

But now self-proclaimed Democratic socialist Bernie Sanders is a real contender for a presidential nomination, and the idea is worthy of some tax planning… just in case.

I recently read parts of a Forbes article that discussed tax planning for a potential Bernie Sanders presidency on my podcast.

Whether Bernie Sanders ascends to the presidency or not, the idea that a self-proclaimed socialist and wealth redistributionist could garner as much as 41% of votes in his own party is quite telling. Even if he doesn’t win, the table has been set for the next previously unelectable socialist to bring his tax-the-rich agenda to the table.

It’s not so far-fetched. The UK just elected a socialist government that aligns itself with anti-austerity Greece.Jeremy Corbyn, the new face of British socialism, just slammed “grotesque levels of inequality” and an “unfair welfare system” as he prepares to help govern his country into an era of higher taxation.

Quite simply, folks who think their system is unfair will likely always think it is unfair until the wealthy are brought to their knees. Considering much of Europe is reverting back to a socialist model of wealth redistribution, here are a few ideas Americans should consider in case a socialist were to be elected President of the United States.

Here, published in one place for the first time, are the step-by-step details of the investing strategy Dr. David Eifrig used to compile his unprecedented track record of profitable trading recommendations. In High Income Retirement, he details how stock options work and how to use them to reduce risk. He also debunks the most common misperceptions of stock options and explains why most people misuse them. Finally, Dr. Eifrig walks readers through step-by-step instructions in how to make his safe, profitable trades.

125.7% Taxes, Fees, insurances and Regulatory Burdens - no wonder every business that can is moving offshore at an accelerated rate under the Obamacommune Marxist Socialists Feminist LGBTQ agenda Saul Alinsky rules by radicals.

Bernie Sanders might actually be reasonable by comparison to Obama and his African National Congress Communists.

Here, published in one place for the first time, are the step-by-step details of the investing strategy Dr. David Eifrig used to compile his unprecedented track record of profitable trading recommendations. In High Income Retirement, he details how stock options work and how to use them to reduce risk. He also debunks the most common misperceptions of stock options and explains why most people misuse them. Finally, Dr. Eifrig walks readers through step-by-step instructions in how to make his safe, profitable trades.

1. Hold on to your cash , don't trust a soul with it under no circumstances.

2. Live in a country where you can live under the radar or move from country to country.

3. Invest only in bricks and mortar and nothing else.

4. Do not become part of the system.

5. Trust NOBODY.

.........6. Move to the third world country with your dollars.... Rationale: At least it will give you illusion that "Its pretty easy to survive any global crisis".

LOL See FSU Georgia banking above...

Egypt would be cheaper, but there no Mercedes taxis..... Maxx is retired. He deserves to travel and see the world.What about a young man in Moscow?..OK. I developed another rule how pretty easy to survive any global crisis in Russia:......7. Pretend that you have plenty of dollars. Recommendation: Work in case if you have strong American accent. The stronger accent, the easier global crisis....

Bernie Sanders might actually be reasonable by comparison to Obama and his African National Congress Communists.

Sanders' recent tweet about interest rates on home loans vs. student loans demonstrated that he has little understanding of the free market economy; in 70+ years of living in America he evidently never learned that home loans are backed by collateral; student loans are not.

He's basically a liberal NYer who grew up poor and hated it, and thinks he's entitled to other people's money to not be poor, instead of earning it himself. Same-old, Same-old.

Here, published in one place for the first time, are the step-by-step details of the investing strategy Dr. David Eifrig used to compile his unprecedented track record of profitable trading recommendations. In High Income Retirement, he details how stock options work and how to use them to reduce risk. He also debunks the most common misperceptions of stock options and explains why most people misuse them. Finally, Dr. Eifrig walks readers through step-by-step instructions in how to make his safe, profitable trades.

Out of interest what sort of savings are you talking about?

LOL Still reading the book... - the live Retirement Trader subscription service that walks you through specific trading picks is in the thousands...

125.7% Taxes, Fees, insurances and Regulatory Burdens - no wonder every business that can is moving offshore at an accelerated rate under the Obamacommune Marxist Socialists Feminist LGBTQ agenda Saul Alinsky Ruled by Radicals...

Bernie Sanders might actually be reasonable by comparison to Obama and his African National Congress Communists.

Here, published in one place for the first time, are the step-by-step details of the investing strategy Dr. David Eifrig used to compile his unprecedented track record of profitable trading recommendations. In High Income Retirement, he details how stock options work and how to use them to reduce risk. He also debunks the most common misperceptions of stock options and explains why most people misuse them. Finally, Dr. Eifrig walks readers through step-by-step instructions in how to make his safe, profitable trades.

Out of interest what sort of savings are you talking about?

LOL Still reading the book... - the live Retirement Trader subscription service that walks you through specific trading picks is in the thousands...

You don't want to read any of those books! The authors don't give a fig other than selling you the book! I would put any of those books in the same bracket as a dating site scammer